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Former Columbia Pictures Entertainment chairman Victor A. Kaufman became chairman and chief executive officer of Savoy Pictures in 1992 along with vice chairman executive, Lewis J. Korman. Kaufman has claimed that the name came from the Savoy Special bat Robert Redford's character used in The Natural.[1] Savoy intended to finance and distribute films in the $12–25 million range, investing in up to $15 million per film.[2] In June of that year, Savoy entered into a deal with HBO for the home video, pay-TV, and pay-per-view rights to its films.[3]

Budgets for their films grew. However, with rather poor marketing, Savoy faced a major financial slump, only three years after being formed. For three years, Savoy then released box office failures including Exit to Eden and Getting Away with Murder. It also didn't help that two of its competitors in the independent film field, Miramax and New Line Cinema, were bought out by majors (The Walt Disney Company and Turner Broadcasting, respectively), giving them stability. As a result, Savoy focused on low-budget films and the occasional blockbuster, costing up to $80 million.[2] Executives hoped to lure Sylvester Stallone with a then-hefty $20 million paycheck to star in a studio project that was ultimately never made.[2]